How my demo accounts went

Subscription data is, in my opinion, so much better than outright purchase because once you have purchased, and once they have your money, there is no incentive for your supplier to maintain good service, or even ANY service. I was recently tempted to buy (outright) a software package that would have cost me just under $8000. I eventually rejected the idea for reasons I wont go into here, but I later discovered it was a scam, so my full payment and my future data feeds would have been a complete waste. That single outlay would have financed just over six years of my current subscription to Freedom Rocks.

To anyone who has just joined me at this particular article let me re-iterate what this is all about. I am chronicling my uneducated and amateur attempts to enter the forex market, so, as I put it, I will make the mistakes so you don't have to. To fully appreciate this I recommend that anyone reads my diary from the beginning. It isn't long, and the information is cumulative.

I opened a 15 day free trial. I "deposited" a fictitious $2500 with my broker (GFT) and I followed the rules as laid out by the system and purchased a set amount of foreign exchange Lots.

15 days may seem like a long time, and indeed, by comparison with a lot of free trials it is, but nonetheless, it still flies by.

What it entailed was for me was to check my brokers account daily. I usually did it first thing in the morning. I was to check as to whether there had been either a "Sell" or a "Buy". The system dictates that after an initial purchase that you then put in place two separate orders to your broker. One to sell if it goes to a certain High, and one to buy if the price drops to a bargain basement Low. They do this because one of their methods of earning you money is to ensure that you Buy low and Sell high. Depending on which way the market had gone I took that information to Freedom Rocks and they give me back the new data I need for the next step. I return to my broker and apply that data. It takes less than 10 minutes, and that is usually all I do each day.

After the 15 days was up, so was my account by approximately $400 and I reasoned that that amount of return would more than offset my subscription.

I later learned that such a rise on the amount of money I had "deposited" was in fact unusually high and it is often, and perhaps should have been, less. But I didn't know that then, so I took the bull by the horns and made myself a fully paid up member and set in train the applications and paper work required to obtain a "Live" account with my broker. This process is slightly more difficult, (for legal reasons), to set up than it was to set up a demo account, so whilst I had some time on my hands I decided to keep going with my demo account.

This is where I got lax, and this should be a warning to you all. Complacency set in. After all, I had been doing it for 15 days hadn't I? It really wasn't that difficult, so I took my mind off the game. I made an error in transferring the data and applying it correctly.

It was only a demo account, so I didn't panic; no money had been risked or lost. BUT IT COULD HAVE BEEN.

I tried to adjust the account to get it back on course, but because of my lack of financial skills, be they accounting or forex, I made confusing decisions and ended up getting a confused result. This is not the fault of the system, it was MY fault. I decided to open up another demo account, and this time make damn sure that I adhered to the system and did not become too arrogant. In fact I decided to open TWO more demo accounts.

One was as per my first demo account with a deposit of $2500 and the other was to deposit $50,000, a sum of money I could not possibly afford, but I could still play my demo account as if I did have that amount to spare.

So, armed with my account with Freedom Rock converted to full, a live GFT account on the way and two new demo account awaiting me I set forth to see what I could achieve in the mean time, and that is what I will describe next time.